Wild- Financial and Managerial Accounting -Chapter 5 Homework

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10/9/2018 1. Assignment Print View Award: 1.00 point Exercise 5-1 Inventory ownership LO C1 1. At year­end, Harris Co. had shipped $12,500 of merchandise FOB destination to Harlow Co. Which company should include the $12,500 of merchandise in transit as part of its year­end inventory? Harlow Co. Harris Co. 2. Harris Company has shipped $20,000 of goods to Harlow Co., and Harlow Co. has arranged to sell the goods for Harris. a. Identify the consignor. Harris Co. Harlow Co. b. Identify the consignee. Harris Co. Harlow Co. c. Which company should include any unsold goods as part of its inventory? Harris Co. Harlow Co. References Multiple choice Difficulty: 1 Easy Exercise 5­1 Inventory ownership LO C1 Learning Objective: 05­C1 Identify the items making up merchandise inventory. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=1.&postSubmissionView=13252709608115792&wid=13252709739966714&role… 1/1 10/9/2018 2. Assignment Print View Award: 1.00 point Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased the contents of an estate for $39,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $2,200. Walberg Associates insured the shipment at a cost of $350. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $690. Determine the cost of the inventory acquired from the estate. Cost of inventory (estate's contents) Total cost of inventory $ 0 Hints Hint #1 References Expanded table Difficulty: 2 Medium Exercise 5­2 Learning Objective: Inventory costs 05­C2 Identify the LO C2 costs of merchandise inventory. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252709343597916&wid=13252709739966714&role… 1/2 10/9/2018 Assignment Print View http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252709343597916&wid=13252709739966714&role… 2/2 10/9/2018 Assignment Print View Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 175 units @ $10.00 = $ 1,750 130 units @ $ 9.00 = 1,170 250 units @ $ 8.50 = 2,125 Totals 555 units Units sold at Retail $5,045 135 units @ $19.00 140 units @ $19.00 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. References Section Break 3. Use the following information for the Exercises below. Award: 1.00 point Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Purchase Date Activity Units Jan. 1 Beginning inventory 175 Jan. 20 Purchase 130 Jan. 30 Purchase 250 Cost of Goods Sold Unit Cost Units Sold 555 Unit Cost 0  Required 1 Ending Inventory Ending Cost Per Inventory­ Unit Units COGS $ 0 Required 2 0 Ending Inventory­ Cost $ 0  Hints Hint #1 http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=3.&postSubmissionView=13252708059849075,13252708060103545&wid=1325… 1/2 10/9/2018 Assignment Print View Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 175 units @ $10.00 = $ 1,750 130 units @ $ 9.00 = 1,170 250 units @ $ 8.50 = 2,125 Totals 555 units $5,045 Units sold at Retail 135 units @ $19.00 140 units @ $19.00 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. References Section Break 4. Use the following information for the Exercises below. Award: 1.00 point Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=4.&postSubmissionView=13252708059849075,13252707057704045&wid=1325… 1/3 10/9/2018 Assignment Print View LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit 0 0 0 0 0 0 0 0 Expenses Income before taxes Income tax expense Net income $ 0 $ 0 $ 0 $ 0 2. Which method yields the highest net income? LIFO Specific identification Weighted average FIFO 3. Does net income using weighted average fall between that using FIFO and LIFO? Yes No 4. If costs were rising instead of falling, which method would yield the highest net income? Specific identification Weighted average LIFO FIFO Hints Hint #1 References Expanded table Difficulty: 3 Hard Exercise 5­4 Perpetual: Income effects of inventory methods LO A1 Learning Objective: 05­A1 Analyze the effects of inventory methods for both financial and tax reporting. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=4.&postSubmissionView=13252708059849075,13252707057704045&wid=1325… 2/3 10/9/2018 Assignment Print View Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 215 units @ $14.00 = $ 3,010 160 units @ $13.00 = 2,080 355 units @ $12.00 = 4,260 Totals 730 units $9,350 Units sold at Retail 165 units @ $23.00 190 units @ $23.00 355 units rev: 09_15_2017_QC_CS-99723 References Section Break 5. Use the following information for the Exercises below. Award: 1.00 point Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consist 375 units, where 355 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per # of units # of units Available for unit sold Sale Cost per unit Ending Inventory Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 0 Total $ 0  0 Specific Id $ 0 Weighted Average 0 $ 0  rev: 09_14_2017_QC_CS­99723 Hints Hint #1 http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=5.&postSubmissionView=13252707781468774,13252707781468776&wid=1325… 1/2
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